Earnings: Health Net, Live Nation, Activision, PennyMac

Health Net Inc. shares shot up nearly 10 percent on Wednesday after the company reported higher first-quarter profits and revenue, largely driven by new ObamaCare enrollees.

The Woodland Hills insurer reported net income of $28.8 million (36 cents a share) compared to $19.8 million (25 cents) for the same quarter a year earlier. Revenue rose 11 percent to $3 billion.

Analysts surveyed by Thomson Reuters on average expected net income of 42 cents a share on revenue of $3.3 billion.

Shares closed up $3.35, or 9.8 percent, to $37.41 on the Nasdaq.

Live Nation

Shares of Live Nation Entertainment Inc. rose 10 percent on Wednesday, a day after the Los Angeles concert promoter reported a better-than-expected first quarter.

After the markets closed Tuesday, Live Nation reported a net loss of $32.4 million (-16 cents a shares) compared with a loss of $63.2 million (-33 cents) in the same period a year earlier. Revenue rose 8 percent to $1.13 billion.

Analysts surveyed by Thomson Reuters on average expected the company to report a loss of 35 cents a share on revenue of less than $964 million.

Shares on Wednesday closed up $2.10 to $23.03 on the New York Stock Exchange.

Activision Blizzard

Shares of Activision Blizzard Inc. rose nearly 9 percent on Wednesday after the Santa Monica video game company beat Wall Street expectations for the first quarter.

After the markets closed on Tuesday, Activision reported net income of $293 million (40 cents a share), compared with $456 million (40 cents ) in the same period a year earlier. There were more shares outstanding in the year-earlier period. Revenue fell 16 percent to $1.11 billion.

Adjusted net income was 19 cents a share. Analysts surveyed by Thomson Reuters on average expected the company to report adjusted net income of 10 cents a share on revenue of $688 million.

Shares on Wednesday closed up $1.70, or 8.8 percent, to $21.01 in the Nasdaq.

PennyMac Mortgage

PennyMac Mortgage Investment Trust on Wednesday reported falling profit in the first quarter, as its correspondent lending segment struggled.

The Moorpark real estate investment trust , which specializes in distressed properties, reported net income of $37.9 million (50 cents a share), compared with $53.3 million (90 cents) in the same period a year earlier.

Net investment income fell 20 percent to $76.6 million. Revenue from its correspondent lending business fell 32 percent from the fourth quarter to $12.3 million.

Shares closed up 22 cents, or nearly 1 percent, to $23.33 on the New York Stock Exchange.

The Moorpark company, which produces and services U.S. residential mortgage loans, reported net income of $8 million (38 cents a share) on revenue of $105.5 million. The company does not have comparable financial data from the previous year because it went public in May.

Analysts surveyed by Thomson Reuters on average expected the company, an affiliate of PennyMac Mortgage Investment Trust, to report net income of 38 cents a share on revenue of $100 million.

Shares closed down 54 cents, or 3.47 percent, to $15.03 on the New York Stock Exchange.